A 22-year-old Singaporean man has pleaded guilty in the United States to a racketeering conspiracy charge for his role in orchestrating one of the largest cryptocurrency thefts on record.
Malone Lam admitted on Tuesday to conspiring with associates to steal $245 million worth of bitcoin and launder the illicit proceeds. The U.S. Department of Justice (DOJ) stated that Lam and his accomplices used the stolen funds to support an extravagant lifestyle, including spending up to $500,000 per visit at nightclubs and acquiring a collection of exotic cars valued between $100,000 and $3.8 million.
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Lam, who also used aliases such as Anne Hathaway and King Greavy, is identified as the ringleader of the criminal enterprise. He was reportedly responsible for identifying victims and coordinating the tasks of the various conspirators. The group, comprised of individuals from both within the U.S. and internationally, reportedly connected through online gaming platforms.
The conspiracy is said to have begun no later than October 2023 and continued until at least May 2025, according to court documents. Lam faces a maximum prison sentence of 20 years, and a sentencing hearing has not yet been scheduled by U.S. District Judge Colleen Kollar-Kotelly.
"If you build a cybercrime empire, we will find you, dismantle your operation, and hold you accountable," stated U.S. Attorney Jeanine Pirro. "This defendant led an international network that preyed on victims through deception, invaded their privacy, and stole hundreds of millions of dollars in cryptocurrency."
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